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20121207
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CNBC
Nov 29, 2012 5:00pm EST
of environment. >> in terms of your target for next year, 2013, it seems to difficult to think about what next year will look like given we don't know what sort of bargain will be reached. hopefully there will be one eventually. your target is 1600, which would imply the 13% up side. is there anything that could happen out of the fiscal cliff negotiations that could cause you to ratchet down that expectation? >> sure. so here's the worst case scenario. we go over the cliff for an extended period of time and that a basically throws us into a global recession, a u.s. recession that bleeds into a global recession. in that case, you know, i would not necessarily be as bullish as i am today. but i actually think that we get our act together. we come up with a reasonable solution. maybe a messy kind of multistage fix. but we do get to some kind of a point of clarity come mid next year. at that point, i think what drives the market higher is that corporations who are sitting on tons of cash actually start to spend it and do something interesting and growth acreative with all the capital they've been
CNBC
Dec 3, 2012 1:00pm EST
allocation. how do you generate returns and manage volatility in this kind of environment where there's so much you can't control? global head of institutional clients with jpmorgan asset management, welcome. i'm going to ask something that may be counter intuitive to a lot of people. maybe not to you. it seems to me your clients, institutions, pensions, endowments, are tax exempt. they don't have to worry quite as much it would seem to me about avoiding dividend taxes or capital gains taxes as ordinary individuals. am i right about that or wrong? >> yes and no. the point being if the fiscal cliff you look at china, eurozone, it is all coming together to create an environment of total uncertainty for a lot of the biggest investors in the world. pension funds in the u.s. are trying to manage the volatility of the funding levels, generating return. think of where the average u.s. pension fund is trying to again rate a return from 6.5% to 8%. >> it's not so much that they're concerned about a looming tax hike that might affect their portfolios as it is about the uncertainty that the cliff rep
CNBC
Dec 3, 2012 4:00pm EST
environment? all these special dividends. oracle is doing it now, second quarter, third quarter dividends this month so investors can get taxed at the 2012 dividend rate. >> it's bigger than that because it's not only the corporation themselves but corporate executives. cashing out options looking for preferential tax treatment there as well. that's just prudent corporate management. you can't fault them. stocks paying special dividends have been outperforming the spx in the time period since this started happening. in some ways in the convoluted way it's been a positive for the market. >> oracle is down, though o this news. >> oracle is down right now. gordon, you make a really good point. that's where the performance has been, the conditions paying these special dividends. when i see an announcement like this, you as an investor, would you buy these companies paying special dif depends to make sure the tax rate is a low rate versus what we may see in 2013? >> certainly it might be an opportunity short term, over a short horizon. i'm not sure i want to lend to those companies. i'm the bo
CNBC
Dec 5, 2012 3:00pm EST
cash. here in the low-interest rate environment, debt financing is going to be big. >> and the large cap plays. go through those. >> verifone, a leader in electronic payment devices. this has been disrupted by new players like square and paypal and google. the stock has been hit, but our fund manager we talked to think it's been unfairly hit. any time an industry is being disrupted, that's a good opportunity. >> u.s. bancorp? >> this is an old fashioned bank. focuses on deposits and loans and wealth management. none of the other stuff that can get you into trouble. this is one our clients really liked. >> this year dividend plays have been huge. everyone is looking for income. they look to these companies that have a good yield. the two that came through here were ford and, as it happens, our majority owner comcast. >> yes. so ford, you know, the auto recovery story is pretty significant. it's still happening. cars on the road are older. the replacement rate is going to go up. with ford, it has a rock-solid balance sheet. its dividend yield, we think, could go up. comcast is interest
CNBC
Dec 4, 2012 6:00am EST
, that's a target-rich environment is what we refer to california. they raise taxes again. they sent the message that the unions are going to continue to control the process out there. they defeated proposition 32. they passed proposition 30 which was the increase in their taxes. so, california businessmen and women are looking at their bottom line saying, where are we going to go? other places? >> governor, is it too much of a leap to say when we do this at the federal level they leave the country, bilss can eventually leave the country. >> sure. >> but we can't seem to make the leap to say that. and i'm talking about the fiscal cliff now. i wonder if you were at 25% of gdp, if the government had grown to this size where it is right now and you were trying to figure out how to deal with it and you were in charge, would it be all about -- would the first thing you come up with be raising taxes? would not -- wouldn't you address the spending -- wouldn't you address the spending side of -- >> right. >> -- and, you know, the republicans are trying to criticize the obama proposals by say
CNBC
Dec 3, 2012 6:00pm EST
environment, once google has seen that new rocketship, i see no reason why google should be any different. especially since google owns android. they need to figure out how to monetize it better. something the company is doing by releasing its own line of smartphones and tablets. google is sold out until after christmas. of the growth stocks, i got to admit i like google less than i did before the bad quarter if you're trying to figure out which of these stocks worries me the most, it's google, it's become a show-me situation. how about visa and master cad? both up decently since i recommended them in october. these are both plays in the worldwide switch from paper currency to plastic. visa and mastercard both reported strong quarters in october, they have healthy balance sheets. mastercard is winning new business all over the place. and visa announced a $1 billion buyback. even though visa has a new ceo, i'm a big fan of both stocks. i think they're both candidates to offer special dividends as the year unwinds. they've got the cash for certain. then there's the sherwin williams. the sto
CNBC
Nov 29, 2012 4:00am EST
, the ryan airs, who continue to take market share and operate in a more difficult economic environment much more so than the flag carriers. however starting to look at the flag carriers again, in particular lufthansa. the iberian side of it will drag earnings down for quite a long time. air france still has significant employment issues. and if you're looking for a relatively undervalued, company which is taking itself and do significant cost cutting which i think it will bring through, you have conglomerate discounted lufthansa. it makes it a more interesting stock. >> at a time when europe doesn't have a lot of demand strength, if we're talking about reducing capacity, that means higher ticket prices and perhaps germany being one place where businesses can afford to pay up. >> i think that it's an element of probably relatively small part of overall. these are global businesses. they need to have global growth. but that is an interesting point for next year. >>'s most important for global demand then? >> with airlines it's about oil prices, in terms of capacity and reduced capacity. and i
CNBC
Dec 4, 2012 4:00am EST
. at least we see a deterioration in either the global environment or at least we see domestic growth really fall off from here. as the rba made the point and one that we agree with is that there's still time for these rate cuts which we've had delivered to pass through to the economy itself. we know monetary policy takes between one and two years to have an effect. >> what if on the contrary we get better growth out of china and we see commodity prices go up again and now when we've already had all these rate cuts, is there a risk then to inflation for the country? >> i think there is. that was one thing that the rba pointed to in the november statement, then worried that underlying inflation had ticked up towards the middle of the 2% to 3% target. i think from here, if we do get a scenario like that where the u.s. fiscal issues are resolved, i think the statement the rb after the has given us today probably puts them in a good position to be able to move policy higher if they have to next year in response to higher inflation. >> so what happens to the aussie dollar now? >> well, as i said,
CNBC
Dec 2, 2012 11:00pm EST
nearly $2.3 billion, a risky bet in a bad economy. why, in this economic environment, would you open a hotel? >> well, i'll tell you right now that if i had any idea this-- i wouldn't, if i had a choice, but this project was started four years ago. these things have a huge lead time. >> the gambling industry has been battered by the recession and taken the city of las vegas down with it. some casinos stand half built. unemployment is over 10%. and while steve wynn has had to slash employees' pay and lower room prices, he plows ahead, doing whatever it takes to get customers to his new hotel. >> this is encore. [dramatic orchestral music] ♪ >> and, yes, he really was sitting on top of the building. >> next time, we do this in the lobby. >> the encore is connected to his other las vegas hotel, the wynn, and he has a third in macau, china. inside, his hotels are fantasy lands for well-heeled adults. he brought gourmet restaurants and high-end shopping to the strip. his hotels may be extravagant, but his business strategy is conservative. his company is not highly leveraged and has ove
CNBC
Dec 4, 2012 3:00pm EST
people are. we're in a greatly diminished yield environment. people scramble for what they can. if you think yields are low know, a lot of investors think they could even go lower. it's unbelievable how low the yields are in the fixed income markets, but again, i think you're going to see compression with those types of stocks. i think what you're really going to see is dividend policies revisited contrary to the fact that from a tax point of view, folks are going to be basically less likely to buy dividend stocks because investors want income, and that's the only place they can get it. >> michael, we get a handf fufu companies every day declaring dividends. they're accelerating the payment to try to beat out the fiscal cliff. would you invest looking for companies like that right now? >> i think you're seeing the top of the dividend trade. i think if anything, what's going to end up happening is a focus back into cyclical sectors for 2013. you want the global trade. you don't want the domestic trade anymore. >> you're not going to be jumping on the bandwagon here just because companie
CNBC
Dec 6, 2012 3:00pm EST
to allocate capital then in that environment. i know george young is with us again, joining the conversation. i want to ask you the same question. go ahead, scott. how are you investing right now? >> maria, i think the best way forward is the way it's worked since the bottom of the market in 2009. risk assets are where it's at. the fed is very supportive. the consumer is back and engaged. housing is getting better. the fiscal cliff is actually constructive from the standpoint it causes people to come together and compromise because going over the cliff while we may do it for a short time period is not beneficial to anybody. it hurts everybody. >> so risk assets being, what, technology? what does that mean, technology? >> not necessarily. we would stay with dividend payers. we would also dip our toe into europe into some very high-quality, multicountry stocks there. mostly on consumer discretionary stocks as well. >> george, we haven't forgotten you yet. scott, i have a question for you. just noticed today france and germany's stock markets hit 52-week highs. we're still wringing our hands ov
CNBC
Dec 5, 2012 6:00pm EST
investing. risk includes possible loss of principal. >>> an environment where everyone is still terrified about the potential impact of the fiscal cliff, i want to give you stocks that you can fall back on in a declining market. many strong companies, high yields. let me introduce you to weingarten, a company i've liked since '85. owns shopping centers all over the u.s. 301 income-producing properties and 11 more in various stages of development. they have a yield, doesn't have a lot of leverage. company recently sold off the portfolio of industrial assets to become a pure play on retail, and 70% of the rent it collects comes from tenants that are effectively internet resistant. they say it in their own papers. meaning they're immunized against online competition. things like supermarkets, restaurants, personal care supervisors. 93.6% occupancy rate up 200 basis points year-over-year. very bullish guidance. let's check in with drew alexander, the president and ceo of weingarten reality investors. how are you? >> pleasure. great to be here. >> now, we obviously are all very focused on the
CNBC
Dec 4, 2012 6:00pm EST
. in this grim environment you can find sectors that are holding up better than you might think. the pull back in retail might be just the moment that you want to pull the trigger to this key sector index. wouldn't that be something? stay with cramer and we will be right back. >> coming up. something is brewing. but could concerns about it's moving to tea mean it is time to layoff the caffeine or is this your chance to fill up your cup before the shares get percolating? cramer is grinding through the facts next. welcome to chevy's year-end event. so, the 5.3-liter v-8 silverado can tow up to 9,600 pounds? 315 horsepower. what's that in reindeer power? [ laughing ] [ stops laughing ] [ male announcer ] chevy's giving more. this holiday season, trade up to get the 2012 chevy silverado all-star edition for 0% apr financing for 60 months plus $2,000 cash allowance or get a total value of $9,000. i've been a superintendent for 30 some years at many different park service units across the united states. the only time i've ever had a break is when i was on maternity leave. i have retired from doing t
CNBC
Dec 4, 2012 11:00pm EST
. there are plenty of real worries out there. especially the fiscal cliff. in this grim environment you can find sectors that are holding up better than you might think. poncy says the pull back in retail might be just the moment that you want to pull the trigger to this key sector index. wouldn't that be something? stay with cramer and we will be right back. >> coming up. something is brewing. starbucks has been serving up solid returns. but could concerns about its moving to tea mean it is time to layoff the caffeine or is this your chance to fill up your cup before the shares really get percolating? cramer is grinding through the facts next. >>> tomorrow we are going to hear from one of my favorite companies and it is starbucks. having its biennial analyst day. right now it is more than ten points off its high for the year. i think it could mark the beginning of the stock's next big rally. you can follow along at actionalertsplus.com. a service that i do with the street. tomorrow i expect a terrific story. i'll give you a preview. lots of people ask me how i would approach this meeting. if i
CNBC
Dec 3, 2012 9:00am EST
remember to put money to work. in an environment where not people put money to work and people aren't doing anything, you get an influx of retail money. you have to commit that money to your retirement and to your kids. >> interesting. >> it's a big difference. >> btig has a note on seasonality regarding the end of the year and even december '08 was positive. how resilient the month of december is. >> funny you mention that. that was such a false tell. we thought maybe things had bottomed and then just off a cliff, not fiscal but stock right after that. it's a great note. >> meantime, as we await the opening bell this morning, we'll look at the s&p 500 at the realtime exchange on the top of your screen. big board here. >> there's the bell over at the nasdaq today, sears holdings and st. jude's children's research hospital celebrating the st. jude thanks and giving campaign. lead story involves delta and talks they say to acquire from singapore some stakes in virgin atlanta. >> we'll see what happens. they have been active. the one people are more focused on is american airlines in bankruptc
CNBC
Dec 4, 2012 9:00am EST
. they are building and acquiring land in this low interest rate environment which bodes well for this upswing in momentum. the question as you mentioned at what point do comparisons get so tough. first quarter 2012 was first quarter where they started to see the upswing. 45% increase in signed contracts. we're lapping that now. can we beat increases as we move on? >> it could be tough. to the extent that we're building, any momentum at the bottom here, we're still building off a small base as you know. so you could have significant growth for some time. >> everything that goes into a house. a lot of spending goes into a house. >> definitely. cramer has stocks on his list that are worthy of your attention. what does he think about them? his mad dash is coming up next. later, shares of gamestop surging from summer lows hoping to score big this holiday season. we'll talk with the ceo. let's take another look at futures as we head into this tuesday morning session. we're looking about flat. more "squawk on the street" straight ahead. this is america. we don't let frequent heartburn come between u
CNBC
Dec 4, 2012 5:00pm EST
. >> in this environment we are boot about the to embark upon it because i don't think the cliff is a solution or no solution or a binary in that regard. what is the right multiple in the world that we are about to embark on with the europe that is probably a five to ten year recession. i think the u.s. is at best slogging through things here. i would make an argument that maybe the right multiple is 12 or so. if you throw in earnings of 95 to 100 you have an s&p that is significantly lower. >> rallies during the last phase of the market have peaked out around 14 times earnings. it is up from here in terms of a forward multiple. i don't see why we have to start applying a discount to what we have been seeing in terms of peak multiples given what we have been through. do you think that the uncertainty has peaked or is ahead of us? the maximum uncertainty. >> i would make the argument it is potentially forward but i think a lot of people would disagree. >> markets don't just pick a multiple like fisher price. the low multiple in the 1970s when you had slow growth and rising inflation was seven t
CNBC
Dec 5, 2012 12:00pm EST
it will be the disconnect between economics and markets we continue to be in an environment where people don't have a great many opses. that's why these options that look so threatening action they reverse so quickly. as long as that continues to be the case. they're going to -- >> it's very simple. last night it came out that. >> i'm going to make it simple here, not for the viewers. they came out and ticked four tea party members. that took them -- some republicans are willing to adopt a much more done scilla torrie approach. that's what's driving the market. it's going to continue to drive the market. >> you're saying this is cliff driven? >> absolutely. ivities market wasn't doing all that much. the president made some comments today in front of the business roundtable. all of a sudden, we start to do explode to the up side a bit. guys, i know the music is playing, but there's a look at hewlett-packard. up 4%, pete. >> absolutely. >> there are areas you talk about, last thing is technical, look at the xlf. >>> up next, the probability that lawmakers will defy if the odds, and hammer out a fiscal cliff.
CNBC
Nov 28, 2012 11:00pm EST
environment and the latest quarter, incredibly strong. blucerchiati, off the 62 cents faces and better than expected revenues. how many of those have you had? and all this is happening despite the fact trimmable gets half of it's revenues from overseas. they have serious european exposure. it doesn't seem to be hurting. the forecast is for the country to grow up 15 to 17% over the next five years. i don't know many companies like that. the vast majority of that is coming from organic growth and those are terrific numbers but they are not pie in the sky numbers. this gives them a competitive edge. when you have something like that you can take market share left and right or raise prices dramatically, either way, you can krish the estimates. the number of analysts that covered him think the company's technology is necessary for their customer's survival. only a couple players you can say that about. sales force.com, apple. market for their measurement and equipment is very underpenetrated especially in europe with 22% penetration and asia with 12% penetration. sales force.com had good numbers
CNBC
Nov 30, 2012 12:00pm EST
do you do with all this in an environment you're not sure with? rely on the risk reward. focus on the down side. >> time for our traders to face off on one of the biggest stock stories of the day. yum, a major china play. falling sharply after warning sales in that country will be much worse than expected. is it time to bail or buy on the dip? one stock two opinions. let's debate it. what do you do with this one? >> i think it is an opportunity. i haven't stepped in yet today. i was looking. joe told me earlier he had. i still like the fact they gave their full-year guidance the same as it had been. talking about their growth being 10% not 14% as far as earnings per share. i like what they also have told us in china as far as the growth strategy. they're going to continue to expand some of the stores, 700 more stores are going into china. i think for all these reasons the ceo also pointed out china will be strong. they still consider that to be their big growth area and it will be strong. >> this is a big story. >> it's a huge story. it's not a little miss in china. they were s
CNBC
Nov 30, 2012 4:00pm EST
to the volatility. that's the theme for the next couple of weeks. we are going to see a very volatile environment until we get a resolution. so in the short-term, you're kind of trading range bound in the market. i think you want to take advantage of the extremes. so into these big positive moves, you take a little off. it's not a bad thing to take profits and to have cash. i do think that when you see the market pull back and you see extremes in terms of on the downside, i think you want to be buying because i think once you get this fiscal cliff resolution, whenever it is, i think the markets will work higher because the underlying fundamentals in the u.s. economy are clearly improving, and you also have a stabilization or soft landing happening in china at the same time. >> david kelly, what do you want to be doing here? what's your strategy for the fiscal cliff? do you think we go over it, and what do you want to do? >> for a long-term investor, you don't try and play this one. i agree with stephanie about the market probably going higher once they get a resolution. they will get a resolution
CNBC
Dec 3, 2012 12:00pm EST
steve jobs feel about the current environment as it is right now at apple? >> well, again, i'm not inside of apple. i'm outside of apple looking at it. >> but you knew the way he thought about the world, and -- >> sure. steve jobs lived in a world of black and white. no compromises, perfectionist, he believed that you had to keep pushing the edges of innovation. and apple is still doing that. what apple is doing right now is it's building out the follow-on evolution very successful products like the ipad. now we have the ipad mini. so i think apple has got a few years of being able to do that. at some point, it's got to do something beyond that. >> john, there have been some notable stumbles in apple's past and in the recent past they have been able to surmount them and push them aside. what do you think is the biggest risk, whether product risk or execution risk in china, et cetera. if it you're long apple, what is the one thing that maybe makes you somewhat cautious going into the next year to 18 months? >> well, it's certainly not supply chain. apple knows how to run supp
CNBC
Dec 4, 2012 12:00pm EST
's the asset that looks most bond friendly in a bond friendly environment and on a pullback i will go back to full share size. >> these companies are in our top three trades. gold breaks below a key technical level. we're going to go to the pits to find out if it's a sign of even more selling to come. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. i've been a superintendent for 30 some years at many different park service units across the united states. the only time i've ever had a break is when i was on maternity leave. i have retired from doing this one thing that i loved. now, i'm going to be able to have the time to explore something different. it's like another chapter. ♪ [ male announcer ] 'tis the season to discover the kid in all of us. enjoy free shipping and great values on your holiday shopping from l.l. b
CNBC
Dec 4, 2012 4:00pm EST
investments as you search for some return in this low-rate environment. this is a deepening vicious cycle. the white house and congress have not given us a fiscal policy as the economy bumps along the bottom now for four years and counting. so the federal reserve saves the day. we finally get some fiscal policy by going over the fiscal cliff even if it is considered bad policy. for some taxes on divs we could see those taxes soar to 44%. companies wait to disperse this year. some companies are borrowing money just to pay out the dividend before the new year so they can get their investors to get the 15% dividend tax. is this the kind of corporate financial responsibility we want? borrowing money just to give it away? who wants a dividend that a company cannot afford or if it can afford it it chooses to borrow the tax. this is just an observation on how one bad policy can act as a domino effect. bad policy begets bad policy. it is another reason why america is pleading with washington to get a deal done on the fiscal cliff. stop taunting one another with plans that each side knows will not
CNBC
Dec 6, 2012 12:00pm EST
't think it's isolated to the two fund managers. the point is if you're in a low return environment, you can ratchet up performance in a higher quartile, the other thing is it's not just hedge funds. they're the whipping boy. it's long only funds, they want to get that morningstar fifth star. on the other side of it, i used to know a guy when he ran a hedge fund he would sell into the markup and buy it back the next day which is great if you're not a taxable fund because he knew it was a hark wrup so this story is as old as lincoln getting shot at ford theater. i don't think there's anything here, it's very difficult to prove. >> of all of the street's top strategists, tom lee could nail the number on where the s&p will close out 2012. his prediction of 14,030 is looking better by the day. tom welcome, good to see you again. >> thanks. >> how does that factor in? i don't know if you heard geithner on our air yesterday with steve liesman but sounded like a guy prepared to go cliff diving. >> i did hear that and you know, that's not very constructive talk because at the end of the day, you
CNBC
Dec 6, 2012 5:00pm EST
-term investor, at some point, you may look at the macro environment and say it's time to reduce some positions, at what point do you reach that tipping point? >> that's a great point. i'd be very sproized if two months resulted in an unemployment increase from 8% to 10%. i find that hard to reconcile. if we go over the fiscal cliff and there's no deal for the course of the year, we will absolutely be in another recession, no question about that. but going over the cliff for a month, it will hurt confidence, it will keep businesses on the sidelines, investors on the sidelines. it will hurt the economy. it's not a good thing, don't get me wrong. but going from 8% to 11% for one or two months fiscal cliff, that sounds extreme. i think if there's absolute gridlock in washington -- and right now washington seems to be on another planet. all of us in the markets, people at home, people in the country want republicans and democrats to work together. everyone seems to want that except for republicans and democrats. if they really are as far apart as they seem at times, we could shoot ourselves in the
CNBC
Nov 30, 2012 6:00pm EST
environment. it may look cheap relative to its peers. but got to have some sign fundamentals are improving. glenn in illinois had a question about celdex, promising a line of treatments for brain cancers and advanced breast cancers. the data seen so far is pretty promising. company has a rich pipeline to support its valuation. i say wait until december 8th when they pass data on an advanced breast cancer treatment. right now the stock is run too much for me to give it my blessing like the dex. up 128% year to date this month. but if we get any significant pull back after that december 8th breast cancer data gets digested, i think celldex could be better buying the weakness. the real value right now is in their brain cancer program. why don't we wait until the week after next? if you get a big pull back, i'm going to give you permission to pull the trigger. want to be sure about a price. dnyx. excuse me. what makes me -- i'm a little gun shy on these smaller biotechs because we know we've had a couple of blowups lately. that's why i'm not endorsing that thing head on. wednesday jeff from vi
CNBC
Dec 4, 2012 1:00pm EST
with valuations or the political environment we find ourselves in now? >> it has to do valuations. we look stock by stock and love our companies but their prices are just reasonable and we prefer cheap. >> you prefer a lot of cash, correct? >> we have cash of 25 to 35% in our various stock funds. again that's a function of valuation. we would love to see investing public get scared about something and allow us to buy more of our stocks down 10 to 15% where they are today. >> you are looking at opportunity 15% below where we are now in the market. what kind of properties are you looking at and stocks are you looking at at this point? what makes a good stock for you, other than value? is it cash generation? is it niche plays? how do you pick the components of the portfolio? >> companies that generate more cash than they need to operate in the business. and management that we really trust to redeploy that cash well. that can be a bank stock like wells fargo, cab pharmaceutical stock like valiant. can be john malone's liberty companies we own three of four of those. >> you own liberty media, liberty
CNBC
Dec 5, 2012 2:00pm EST
environment is not great. reasonably well telegraphed. as you saw, only about 25% of these cost saves are coming at the investment bank. and even when you dig down deeper, at least half of those are more on the opposite of i.t. when you go through many layers of details, it is not like the billion cost saves are coming right ow of the bonus pool. i'd just say city is in a similar enough spot as most of the firms on street related to bonuses. >> you put out a note today where you wrote, "citi is already pretty efficient with an efficiency ratio better than most peers." i kind of did a double take on that because i thought they were a giant, bloated, highly inefficient, oversized big bank? >> well, i didn't say all the big banks were efficient,dy? no. look, that is -- i put out actually a precursor to the note last week that said the same thing and it was a bit of an eye opener for people. people have been frustrated with citi saying basically $48 billion to $50 billion of expenses on an annual basis for the last couple of years all while other companies have been naming these cute cost
CNBC
Dec 4, 2012 2:00pm EST
unfriendly. so we think the united states is in a 1 to 2% growth environment going forward and investors should be used to. >> this >> is this whole thing a kabuki dance? you look at debt, the numbers going out, we are talking about, both parties are guilty of one thing, say they want to cut and cut that frnlts basically, the government has been running in balance. we are bringing in 15% of gdp. speaking one for one, that subjects that revenue should come down to 20 or 19. there should be a one for one give and take going forward between republicans and democrats. >> if you think we are headed for a difficult time, you know, as you say due to structural economic headwind, when and how do we pull out of it? >> with difficulty. i think policy you whether monetary policy or fiscal policy has to be directed toward -- toward growth. yes, that's mantra from both republican and democratic sides but basically, growth challenged, taken our growth from us in terms of job creation, we need to have policies that fight back, that either devalue the dollar relative to competition so our exports and ma
CNBC
Nov 29, 2012 9:00am EST
is likely to be in an environment where developed economies are all experiencing central banks trying to weaken their currency. >> i just want to break in here as people can see the debt go at the bottom of our screen. a man who ran nbc universal has been officially named the -- at turner and mr. zucker taking that job that has been reporteded on the last couple of days as something that is very likely, it has now been confirmed, replacesing jim wolton who has reported to be in that job. i'm just reading through the memo. >> so let's marry what you said about next year to what you can do right now. if you're going to buy suppositions in certain areas, a lot of these high dividend payers, stocks that have gained a lot this year, what do you buy now in preparation for a run next year? >> we really like large multinationals that can move resources around the globe. the strength in economies, the growth in the world is happening in the emerging world. we're very focused here in the u.s. on u.s. relations and trade with other countries, but trade is now happening, south-south trade, you ha
CNBC
Dec 5, 2012 9:00am EST
left, let's talk about the current environment. what are you hearing from a lot of the senior executives that are asking for your advice or if you're in a board room or chatting with them especially in terms of the fiscal cliff and concern about making big decisions or lack thereof and not putting money at it. >> the interesting part is talk about the fiscal cliff is the talk about the talk about the fiscal cliff. i don't think people are as concerned as the level of chatter that goes around. i think the chatter is more than the concern. the fiscal cliff just happens to be a preset deal on a scale of one to ten. it's a deal that is possible as outcome. i think what the country should hope for is that we come up with a better deal. business wants the rules. i understand why business is very much do a deal. do a something. because a business then can make their plans around that. if a marginal tax rate goes up too high here, they'll put a plant somewhere else. you can make those decisions. they want to know the rules. >> know the rules of the road. >> there's an america out ther
CNBC
Dec 6, 2012 9:00am EST
are smith travel, if you look at those numbers, it's a very positive environment. the fiscal cliff will affect people when employment gets affected. this is a real issue. if you see something occurring with employment, we're sensitive, we're monitoring, we represent the folks that are going to be most affected if they don't do their job in washington. we're obviously concerned about it. if they deal with it, which we think they will. we think that next year should be pretty positive. >> meanwhile big party tonight? >> big party tonight, big party last night. >> that's what the city's all about. >> we'll be opening white plains in may, it will be a little warmer than it was up there last night. it's very exciting to see those hotels get done. 1,000 jobs for the city. >> you see at the bottom of your screen, nat gas inventory. >> listen natural gas prices are extending their gains from yet, after that 4% rally that we saw. we're looking at resistance perhaps around the 4.75 level. we saw a natural gas level that was certainly not what analysts were expectings. 65 billion cubic feet w
CNBC
Nov 30, 2012 4:00am EST
. they could greatly benefit first maintaining a growth friendly business environment, and they could greatly benefit from reinventing their production structure, upgrading quality, and redistricting their exports towards strongly growing markets. innovation is crucial in this respect. this means for a start that where profit margins are restored, they should serve to fund research and development to higher extent. but innovation potential is not always translated into actual marketable employment creating and growth sustaining innovation. what is key in translating potential is the regime of economic incentives. and it is indeed this system of economic incentives that the current waiver of structural reforms in the euro area is addressing. central challenge is to set conditions so that the skills of the labor force especially of our young people can be profitably employed in competitive firms or in the new enterprises that will go on to set up. in this vain, removing rigidity clearly races the potential for growth and job creation. and this of course, the resumption of growth, is fundamental
CNBC
Dec 3, 2012 4:00am EST
that are on average 11.1 years of age that are really driving car sales. in this low interest rate environment, this is the other big ticket item. >> how are people going to fund their purchases? you have an 11-year-old car, how are they funding the replacement of it? >> well, the availability of credit has improved dramatically over the last eight months or so. and we're even seeing people with bumps in their credit history, subprime borrowers, getting more acceptances of their car loans. and of course there are a lot of incentivized interest rates from the manufacturer's financing arms out there, as well. the overall softness in the european market and with japan in recession, we think we'll see likely more incentives from manufacture are ers for customer the coming months because they have capacity they're not using for those other market. so they will be targeting this u.s. market and the consumer is in a pretty good mood. part of that we believe is the stabilization of home prices which is the basic net egg for most middle class americans. >> it would seem whatever's going on where you ar
CNBC
Dec 5, 2012 4:00am EST
'll get. >> you know what, i think the environment, as you look out to next year, is really difficult, ross. i mean, you don't really know what is going to come out of the u.s. fiscal cliff, how damaging potentially that can be to u.s. confidence, u.s. activity. things seem to be holding up fairly well in china. but i think there is still going to be some concerns about the whole performance of the asian economy and whether that can actually pick up next year. and then, of course, in the eurozone itself, we seem to be mending the problems progressively and taking out the tail risks, which i think is good and that is the bottom line that investors should take going further forward, but at the same time, there are some elements that you can have. if you do a forecast, in a way you could come up with something like 1% quotes for next year, but at the same time, you have to be conscious that we've had such a battery of downside impact, downside negative news coming through really for all economists in the western world in the last few years. you have to be very cognizant of those. >> i th
CNBC
Dec 6, 2012 4:00am EST
not a cause for celebration. still a difficult operating environment. under the former chancellor's plan, we would have been borrowing less in the next three years. because the government has failed to get our economy growing and because the policies have pushed us into recent double dip recession, they'll be pr rowing 212 billion pounds more than they planned. put that in context, that is the equivalent of what we in the uk will be spending this financial year on health, transport and defense in aggregate. >> you were talking quite rightly about the low level of he have credit growth in the uk, which has obviously been a feature of this period. but there's a question of what's cause and what's effect there. the banks will tell you that that problem is not so much availability of credit, there's credit demand and even in the mortgage sector which under normal circumstances you might have been eager to see people borrow money. we're seeing net repayments for the first time for a very, very long time. so you can take the economy to water, but you can't make it drink. how do you respond. >> i s
CNBC
Dec 3, 2012 6:00am EST
environment again and really if you look at the economy, we're probably going back to the '90 style economy where you had 3%, 3.5% was really good growth. 2% growth which we're experiencing right now is pretty good. full employment might be 5.5, 6% like the old days. and i think with that being said, we've got to to get a little bit closer to those numbers to really have the economy start to take off. and i don't think we're that far in there. >> any much those numbers we would take. i don't know whether we are or not. wishful thinking for cantor. certainly would help you guys. why didn't you like fighting irish? >> they were on tv every week when i was a child and i'd like to see alabama win. >> alabama won last year. >> that's okay. all right. thank you. see you later. >>> in fact in some of the squawk sports news this morning, dallas beating philadelphia in sunday night nfl game. 38-33. tony romo threw three touchdown passes to break troy aikman's career franchise record. and the jets beat the cardinals 7-6. new york scoring the lone touchdown after mark sanchez was benched with tim tebo
CNBC
Dec 6, 2012 6:00am EST
. >> is it possible to ever get back to that in this environment? >> it is. you have a lot of problems with the piece. >> do you briyou believe if you rote deficit -- two different ways. you either keep the government that you have and pay for it by raising taxes, or you kind of leave taxes where they are and you shrink government down to where it pays for it. does it matter for the future and for growth which way you do it in your view? >> it does. if you put it all into like a tightening, so how much tightening occurs in the economy that would slow the economy, it's far better to actually reduce government spending than it is to actually raise taxes. >> although that hurts the economy, too. >> everything hurts the economy. so it's a question of which is most -- or least harmful and that tends to be cutting government spending. >> but i do think it's -- >> although tim geithner would disagree with me. >> one side wants to keep the government and entitlements like we have it. and the other side wants to take away all the excess government -- >> i think both sides agree that you need to do both. just
CNBC
Nov 30, 2012 6:00am EST
mexican food. we bring a whole level of energy to the environment and we bring things that the competition don't bring. and we are -- we are providing a dining opportunity for families that they can't get anywhere else. >> one question. do you -- you get pressure on your menu in terms of this -- american diet fad that's going on? have you changed your menu over time to be -- somewhat responsive to that need? >> we are doing that kind of behind-the-scenes. tony la russaed sodium across our menu last year by 50%. it is not something we advertise. we have. we have calories on our men use in new york. and so we are prepared to take a leading role on that. and -- >> i know what i'm getting into, paul. please don't. if i come in there, i know what i want. don't give me something i don't want. >> that's the great thing about our concept is you can come into moe's and have a great healthy, even vegetarian meal -- >> that's not what i want. >> or you can get a 20-ounce home wreck their will satisfy you for the rest of the day. >> all right. >> paul, come back again and bring more samples. thanks ve
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